U.S. Treasury Intervenes to Support Yen After Japanese Action

The U.S. Treasury has intervened by purchasing yen alongside Japan to bolster the weakening Japanese currency, marking the first such joint action in over a decade. This intervention follows Japan's active selling of dollars to buy yen, with central bank data indicating up to US$58.97 billion was spent on July 30 to stabilize the currency amidst historic lows. The news of the potential intervention helped boost the yen, with the U.S. dollar dropping to approximately 157.6 yen from 158.9 yen in late afternoon trading on August 1st.